Latest news with #goldreserves
Times of Oman
3 days ago
- Business
- Times of Oman
India's forex reserves dip $3.06 bn to $696.67bn, second straight weekly decline
Mumbai: India's foreign exchange reserves fell by USD 3.06 billion to USD 696.67 billion for the week ending July 11, marking the second straight week of decline, according to the official data released by the Reserve Bank of India (RBI). In the previous reporting week of July 4, the country's forex reserves witnessed a slip of USD 3.049 billion to USD 699.736 billion. In the week ending July 11, foreign currency assets, which are the major constituent of the forex reserves, fell USD 2.477 billion to USD 588.81 billion, possibly becoming the major reason for the fall in the forex reserves. The Gold reserves, another major component of the forex, again witnessed a sharp fall of USD 498 million to USD 84.348 billion. The country's Special Drawing Rights (SDRs) with the global financial body, the International Monetary Fund (IMF), saw a dip of USD 66 million to USD 18.802 billion during the reporting week of July 11, according to the RBI data. The Reserve Position in the IMF also decreased by USD 24 million, according to the data. Central banks worldwide are increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion, touching an all-time high of USD 704.885 billion at the end of September 2024. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens.
Arab News
08-07-2025
- Business
- Arab News
Qatar's international reserves rise 3.5% in June, topping $70bn
RIYADH: Qatar's international reserves and foreign currency liquidity climbed 3.51 percent year on year in June to reach 258.88 billion Qatari riyals ($70.9 billion), according to data released by the Qatar Central Bank. The reserves also edged up 0.29 percent from May, adding 744 million riyals during the month. The increase reflects the resilience of Qatar's monetary framework amid global economic uncertainty. Official reserve assets — which make up the core of the central bank's holdings — rose to 199.65 billion riyals in June, marking a 4.46 percent annual increase and a 0.47 percent rise from the previous month. The uptick was driven by higher gold reserves, stronger balances with foreign banks, and an improved reserve position with the International Monetary Fund. Gold holdings rose to 44.5 billion riyals in June, slightly up from 44.3 billion in May. Special Drawing Rights deposits inched up to 5.26 billion riyals, while Qatar's IMF reserve position grew by 81 million to 5.25 billion riyals. Foreign bank balances jumped by 1.33 billion riyals to 17.75 billion, although the central bank's holdings of foreign bonds and treasury bills dipped to 132.14 billion riyals, down 763 million from the month before. In the wider Gulf region, Saudi Arabia and Kuwait reported relatively stable reserve positions. The Saudi Central Bank posted official reserves of SR1.716 trillion ($457.7 billion) in June, slightly down from SR1.721 trillion in May but up from SR1.647 trillion in April. The total includes SR1.620 trillion in foreign currency reserves and SR81.33 billion in SDRs. The IMF reserve position stood at SR13.28 billion, while gold holdings remained unchanged at SR1.62 billion. Kuwait's reserves totaled 14.106 billion dinars ($46 billion) in May, compared to 14.633 billion dinars in April, according to the Central Bank of Kuwait. Foreign currency and deposits abroad accounted for 12.49 billion dinars, with SDR holdings at 1.33 billion. Gold reserves remained steady at 31.7 million dinars. Qatar's total international reserves comprise official reserve assets — including foreign bonds, deposits, gold, SDRs, and IMF balances — as well as other liquid foreign currency holdings.
Argaam
08-07-2025
- Business
- Argaam
Saudi foreign reserve assets down to SAR 1.71T in June
Saudi Arabia's foreign reserve assets inched down by about SAR 4.8 billion, or 0.3%, month-on-month (MoM) to SAR 1.71 trillion in June, according to the Saudi Central Bank (SAMA). Reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold. Foreign currency reserves, representing about 94% of total assets, declined by nearly 3% year-on-year (YoY) to SAR 1.62 trillion in June. Moreover, IMF reserves went down by 0.4% YoY to SAR 13.3 billion last month. Meanwhile, SDRs rose by 5% to SAR 81.3 billion in June. Gold reserves remained unchanged at SAR 1.62 billion, maintaining the same level since June 2008.
Bloomberg
07-07-2025
- Business
- Bloomberg
China's PBOC Keeps Buying Gold as Reserves Grow For Eighth Month
China added to its official gold reserves for an eighth straight month in June, as prices of the precious metal traded near a record high. Bullion held by the People's Bank of China rose by 70,000 troy ounces last month, according to data on Monday. Its gold reserves have climbed by 1.1 million troy ounces — or about 34.2 tons — since the current run of purchases began in November last year.
Times of Oman
06-07-2025
- Business
- Times of Oman
India's forex reserves rebound by $4.8bn to $702.78bn after previous week's dip
New Delhi: India's foreign exchange reserves (forex) witnessed an uptick of $4.8 billion to $702.78 billion for the week ending June 27, after a decline in the previous week, official data released by the Reserve Bank of India showed. In the week ending 20 June, forex stood at USD 697.93 billion, down by USD 1.02 billion from the previous week. In the week ending June 27, the major component of the forex reserves, the foreign currency assets, increased by USD 5.75 billion to USD 594.82 billion, the RBI data shows. The Gold reserves, however, witnessed a dip of USD 1.23 billion, standing at USD 84.5 billion, the weekly data revealed. Central banks worldwide increasingly accumulating safe-haven gold in their foreign exchange reserves kitty, and India is no exception. The share of gold maintained by the Reserve Bank of India (RBI) in its foreign exchange reserves has almost doubled since 2021, till recently. In 2023, India added around USD 58 billion to its foreign exchange reserves, contrasting with a cumulative decline of USD 71 billion in 2022. In 2024, the reserves rose by a little over USD 20 billion, touching an all-time high of USD 704.885 billion in end-September 2024. India's foreign exchange reserves (Forex) are sufficient to meet 11 months of the country's imports and about 96 per cent of external debt, said Governor Sanjay Malhotra while announcing the outcome of the Monetary Policy Committee (MPC) decisions. The RBI governor expressed confidence, stating that India's external sector is resilient and key external sector vulnerability indicators are improving. Foreign exchange reserves, or FX reserves, are assets held by a nation's central bank or monetary authority, primarily in reserve currencies such as the US Dollar, with smaller portions in the Euro, Japanese Yen, and Pound Sterling. The RBI often intervenes by managing liquidity, including selling dollars, to prevent steep Rupee depreciation. The RBI strategically buys dollars when the Rupee is strong and sells when it weakens.
